An antimicrobial polyurethane foam that is formed from: a multi-functional isocyanate component; an aqueous polyol component reactive with the multi-functional isocyanate component; an antimicrobial metallic compound; and a complexing agent. The complexing agent is used to form a stable blend of the antimicrobial metallic compound with the polyol component. Exemplary complexing agents include amine compounds, ammonium-containing compounds, and ammonia as well as combinations of these compounds. The antimicrobial metallic compound can be a silver, zinc, or copper compound. Desirably, the antimicrobial metallic compound is silver saccharinate. A process of making the antimicrobial polyurethane foam and stable blends used in the manufacture of the antimicrobial polyurethane foam are also disclosed.